The S&P/ASX 200 Index (ASX: XJO) is down 0.4% for the week in late morning trade on Friday, but that hasn't stopped a number of ASX 200 stocks from racing higher.
Below, we look at three of the week's top performers, with all three leading the charge as of yesterday's market close.
(Note: With half a day of trade left on Friday, the best share price performers for the week may yet change by market close, with some close contenders still in the race.)
Three ASX 200 stocks racing higher this week
Kicking off with our third-best ASX 200 stock performer for the week, we have network-as-a-service solutions provider Megaport Ltd (ASX: MP1).
The Megaport share price closed last week trading at $7.40. Shares are currently changing hands for $8.38. That sees the Megaport share price up 13.2%.
There was no fresh news from the company this week, but it looks like there's been some bargain hunting after Megaport shares crashed 56% from mid-March through early November. The company will also host its annual general meeting (AGM) next week, and investors may be pricing in some strong quarterly results.
Moving on to the second ASX 200 stock shooting the lights out this week despite a retrace in the wider market, building materials company James Hardie Industries plc (ASX: JHX).
The James Hardie share price closed last Friday at $48.47 and is currently at $55.64 apiece. That puts the share price up 14.8% over the week so far.
Much of that strength came on the heels of the company's second quarter results, reported on Wednesday.
Investors responded positively after James Hardie reported it had achieved second-quarter guidance despite some difficult market conditions.
While adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also were down 8% year on year to $263 million, the company said it remained "well-positioned to deliver volumes within our original guidance range" for the full FY 2025 year.
The company provided guidance for FY 2025 adjusted net income of at least $635 million, compared to prior guidance in the range of $630 million to $700 million.
Drum roll please
Which brings us to the top ASX 200 stock performer on our list for the week so far, buy now, pay later (BNPL) company and owner of Afterpay Block Inc (ASX: SQ2).
Block shares closed last Friday trading for $111.75. They are currently fetching $129.38 apiece, putting the Block share price up 15.7%.
Though slipping today, Block shares marched higher from Monday through Thursday, with shares shooting 10.7% higher on Tuesday.
Tuesday's strong performance for the ASX 200 stock may have been spurred by positive coverage initiated by Piper Sandler.
"Investment firm Piper Sandler has chimed in with a bullish rating on the Block share price. Analyst Arvind Ramnani initiated coverage with an overweight rating on the stock," Motley Fool analyst Zach Bristow noted on the day.
The post How these 3 ASX 200 stocks smashed the benchmark this week appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block and Megaport. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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